Even in an industry where things happen at Internet speed, the purported reversal of fortune at Square was remarkably fast. In seemingly no time, the mobile payments startup led by Twitter co-founder Jack Dorsey went from darling to impending disaster. Square is a fast-growing but money-losing enterprise, reports proclaimed, with a high burn rate, shrinking balance sheet, and narrowing set of options. But several interviews with Square executives, board members, and people close to the company -- as well as a series of internal company e-mails obtained by Fortune -- suggest a far more subtle narrative.